Economics Vocab

2. work or labor performed for someone; economic product that includes haircuts, home repairs, and forms of entertainment
8. good intended for final use by consumers other than businesses
13. gradual collection of goods
14. not physical; something that cannot be touched
16. sum of tangible economic goods that are scarce, useful, and transferable from one person to another; excludes services
17. covering many or all areas
18. tangible economic product that is useful, transferable to others, and used to satisfy wants and needs
19. good that lasts for at least three years when used regularly

1. monetary worth of a good or service as determined by the market
3. tool, equipment, or other manufactured good used to produce other goods and services; a factor of production
4. item that wears out, is used up, or lasts for fewer than three years when used regularly
5. Basic requirement for survival, including food, clothing, and shelter.
6. Fundamental economic problem facing all societies resulting from a combination of limited resources and people's virtually unlimited needs and wants.
7. Social science dealing with how people satisfy seemingly unlimited and competing needs and wants with the careful use of limited resources.
9. ability or capacity of a good or service to be useful and give satisfaction to someone
10. apparent contradiction between the high value of a nonessential item and the low value of an essential item
11. something we would like to have but is not necessary for survival
12. capable of being passed from one person to another
15. monetary value of all final goods, services, and structures produced within a country’s national borders during a one-year period